National Healthcare Properties Q3 2026 10-Q: Preferreds Redeemed, $0.075 Dividend, No NAV Since $32.15

The checklist: what the 10-Q says about each question a holder asks

Readers who found this fund through its non-traded past usually ask the same six things. The table answers each from the filing and says what is not there.

The premise that this is still a no-price, non-traded REIT is out of date by more than six months. The history of how the company got here, including the 1-for-4 reverse split, the suspended redemption plan and the $12.00 listing, is in our National Healthcare Properties review; this page is about what the quarter that ended September 30, 2026 adds.

Estimated NAV: what exists, what does not

A non-traded REIT's estimated NAV is the number on a customer statement. For this company four numbers now sit side by side, and only one of them is a company valuation.

Two details matter. First, the $32.15 predates the listing and was never replaced; the 10-Q for September 30, 2026 does not mention an estimated NAV at all. Second, the Series B redemption value of $71.3 million was moved out of equity and into liabilities at September 30 because the company had committed to redeem at par, so the book equity above is already net of it (10-Q Note 7).

An original Healthcare Trust shareholder who still holds the shares holds fewer of them than before. In its 10-Q for June 30, 2026 the company says that 765,248 Common OP Units were consolidated into 234,026 units to reflect the stock dividends of October 2020 to January 2024 and the September 2024 reverse split. The ratio, 234,026 divided by 765,248, is 0.3058172 (our arithmetic), which our review applies to a share bought at $25.00. At the $16.83 sale price of August 6, 2026 that is $5.15 per original share (our arithmetic); today's quote will differ.

Common distributions: cash, quarterly, and covered by operations this quarter

The common stock paid no cash dividend from mid-2020 until July 2026, and stock dividends ran from October 2020 to January 2024 (10-Q for June 30, 2026). Since then two $0.075 payments have been made.

Coverage, from the filing's own reconciliation (our arithmetic, in thousands of dollars):

Normalized FFO per diluted share was $0.19 in the quarter, down 29.6% from a year earlier, and FFO per share fell 43.5%, because the share count more than doubled with the April offering (earnings release, Exhibit 99.1 of the 8-K of November 4, 2026). The dollar amounts above are from the 10-Q reconciliation; the per-share figures are the company's.

The 10-Q is plain about the limit: “The Board may reduce the amount of dividends or distributions paid or suspend dividend or distribution payments at any time and therefore dividend and distribution payments are not assured.” For an original holder, $0.075 on 0.3058172 of a share is $0.0229 a quarter per $25.00 originally invested (our arithmetic).

Preferred stock: both series paid off at par

On a 1,000-share Series B position the announced total was $25,470 (our arithmetic); the same shares tendered in June at $22.50 produced $22,500 before accrued dividends. The 10-Q reports that no preferred shares were repurchased under the May 2025 preferred repurchase plan during the quarter, and that both series were fully redeemed in September and October 2026. The earnings release states the saving as about $11 million a year in preferred dividends.

This quarter against the last one

The 10-Q for June 30, 2026 gives the comparison point. The right column is from the 10-Q for September 30, 2026.

The operating picture improved while the balance-sheet ratio worsened. Our arithmetic on the gap: net debt rose $124.7 million, from $611.2 million to $735.9 million, mostly because cash was spent. The quarter's cash uses included the $82.2 million Series A redemption, and the $71.3 million Series B bill was already booked in accounts payable and accrued expenses at quarter-end, which rose from $44.4 million at December 31, 2025 to $121.1 million.

Debt: what comes due, and what the August 2026 refinancing did

On August 3, 2026 the company replaced its credit agreement with a $1.2 billion facility: a $750 million revolver due August 2030, a $300 million term loan due August 2029 and a $150 million delayed-draw term loan that was undrawn at September 30. The revolver can be extended by two six-month periods and the term loans by one year, according to the 8-K of August 5, 2026. The company also prepaid the Fannie Mae debt that was due November 1, 2026.

For the 12 months from October 1, 2026, the table caps scheduled principal at $1.1 million (the rest of 2026 plus all of 2027: $226 thousand plus $922 thousand, our arithmetic). Liquidity is $540.1 million, made of $415.1 million of undrawn revolver capacity and $125.1 million of cash. The 10-Q states that the company “believes that it has sufficient current liquidity to meet its financial obligations for at least the next 12 months,” and it contains no going-concern language. One covenant the filing names: Secured Term Loan 4 requires at least $12.5 million of cash at all times.

The unsecured facilities carry financial maintenance covenants tested quarterly, including a maximum leverage ratio and a minimum fixed charge coverage ratio (8-K of August 5, 2026); the 10-Q reports no defaults on senior securities (Part II, Item 3: “None”). Net leverage measured against annualized adjusted EBITDA was 5.5 times at September 30, 2026, against 8.8 times a year earlier, according to the earnings release.

The shape of the portfolio is the story of the quarter

The company is selling outpatient medical facilities and buying senior housing, and the filings let a reader count both sides.

If every outpatient sale closes as described, the portfolio becomes senior housing only; the company says it expects to fully exit the segment and adds that there is no assurance the transactions close. One accounting effect is already visible: the 10-Q shows $4.3 million of straight-line rent written off on the disposition of 30 outpatient facilities, which is part of the gap between FFO and Normalized FFO.

The company raised its 2026 disposition guidance from $570 million to $1.1 billion and its acquisition range from $375-425 million to $425-645 million (earnings release of November 4, 2026). Guidance is a company statement, not a filing figure.

What the filings do not say

• No new NAV, and no date for one. The 10-Q does not say whether the board will publish an estimated value per share now that the stock trades.
• No common stock repurchase program. If you held shares from the non-traded period, the 10-Q gives no redemption route other than selling on Nasdaq.
• No fourth-quarter dividend declaration yet. The board declared on July 1 and October 1; the next declaration date is not in any filing.
• No price after August 6, 2026 in our sources. Any current yield or discount calculation needs today's quote.

Dates to watch

What a reader can do with this

This is analysis of public documents, not investment, legal or tax advice.

• Use the right reference price. The shares trade, so the market quote is the price; the $32.15 is a December 2024 estimate that predates the listing and does not value a position today.
• Check your own tax basis for the conversion. The Class A shares converted one for one on October 18, 2026; shares from the non-traded period carry a basis history that includes stock dividends and a reverse split. Your broker's cost-basis report is the document to read.
• If you held preferred shares, the redemption price was $25.00 plus accrued dividends; check that the cash and the accrued amount arrived on September 4 or October 6, 2026.
• Weigh the leverage trend honestly. Net debt to gross asset value rose to 32.2% while debt maturities are far away. Both facts are in the filing; neither alone is the picture.
• Compare with the listing-discount record. How listed prices compare with the last non-traded value across other REITs is in our listing-discount study, and the choice between the two structures is in non-traded vs publicly traded REITs.

If a large share of your portfolio sits in one healthcare REIT that changed form, or you are weighing the tax on selling shares with a long basis history, a second opinion may help.

FAQ

All figures are from SEC filings of National Healthcare Properties, Inc. (CIK 1561032) read on November 7, 2026: Form 10-Q for September 30, 2026 (accession 0001561032-26-000075, filed November 6, 2026) and June 30, 2026 (0001561032-26-000055); Forms 8-K of November 4, 2026 (0001561032-26-000071, with the earnings release as Exhibit 99.1), October 22, 2026 (0001561032-26-000068), September 29, 2026 (0001561032-26-000066), September 14, 2026 (0001561032-26-000063), September 10, 2026 (0001561032-26-000058), August 5, 2026 (0001561032-26-000052) and March 26, 2025 (0001561032-25-000013); the prospectus 424B4 (0001628280-26-026541) and the S-3ASR of August 7, 2026 (0001140361-26-031843). The company's last filing at the time of writing was the 10-Q of November 6, 2026. Our arithmetic is labelled in the text and in the data file. This is analysis of public documents, not investment, legal or tax advice.